Bitcoin has unexpectedly plummeted toward $100,000, intensifying a sell-off that impacted the bitcoin price last week and igniting concerns of a broader crypto downturn. The bitcoin price has dropped below $105,000 per bitcoin for the first time since June, raising concerns among traders that a significant bitcoin price crash may be imminent, as the total crypto market has shed $600 billion in just over a week. As Tesla billionaire Elon Musk finally addresses bitcoin, traders are in a frenzy, attempting to forecast the potential drop in bitcoin’s price following its recent peak of approximately $126,000 earlier this month. “Some analysts are wringing their hands, thinking bitcoin could drop into the $90,000s or $80,000s,” Lark Davis.
The recent downturn in bitcoin prices has triggered a significant bull market alert, as traders express concerns that the bitcoin “flash crash” has diminished confidence in a potential recovery. “Now that we have broken down below $108,000, I am ready to make the call as to whether we are … looking for a move up to $145,000, or … we have seen the highs in this market,” John Glover stated. “Here’s my call: The bull run in bitcoin is over.” Glover, whose bitcoin price prediction suggests that bitcoin could “retest” its all-time high of just over $124,000, has cautioned that the bitcoin crash will pull bitcoin and crypto markets down through 2026. “I firmly believe that we have finished the five wave move higher, and we will now commence a bear market that will last into late 2026 at a minimum,” Glover stated. “I anticipate that the bear market will lead us to trade down to the range of $70,000 to $80,000, and possibly even lower.”
In the meantime, various bitcoin price and crypto market analysts have cautioned that “panic selling” could lead to significant volatility in the weeks ahead. “The way markets are reacting now is a mix of panic selling, stops triggering, and selective inbound bids as buyers try to pick bottoms,” David Siemer said. “We’re probably not seeing a full systemic crash but we are entering an environment where a break below major support levels (e.g. for bitcoin around $100,000) could lead to another leg down.” Siemer expresses optimism that the bitcoin price and the broader crypto market may experience a resurgence prior to 2026, as a potential shift by the Federal Reserve towards a more dovish approach could facilitate increased liquidity into bitcoin and crypto assets. “I remain cautiously optimistic for recovery in the fourth quarter,” Siemer stated. “If we receive relief on trade policy, gain more regulatory clarity, and observe indications that the Fed may pivot, those catalysts could assist in stabilizing the market and restoring confidence.”
The abrupt sell-off in bitcoin prices comes on the heels of a “flash crash” last week, spurred by concerns that U.S. President Donald Trump may be poised to reignite the trade war with China. “The crypto market resumed its decline on Friday, falling 5% in 24 hours to $3.57 trillion,” stated Alex Kuptsikevich. “This time, it appears to be more of a painful reflex following the events of the past week.” However, this presents an even more perilous situation as we are witnessing not just a dip in a thin market, but a significant sell-off aimed at discovering a new bottom. Market dynamics at the 200-day moving average of $3.5 trillion will be under close observation, as we could witness a sharp rebound at the end of June or a further decline in March. The bitcoin price has seen a decline as gold reaches new all-time highs, impacting bitcoin’s standing as “digital gold.” Peter Schiff stated that “Bitcoin is now down 32% priced in gold since its August high . This bitcoin bear market will be brutal.” The bitcoin price has surged dramatically over the past year, propelled by U.S. President Donald Trump’s endorsement of bitcoin and crypto, as market experiences significant demand for its record-setting bitcoin exchange-traded funds, alongside the impact of the so-called “debasement trade” on the U.S. dollar and other currencies.